Financial Data and Key Metrics Changes - NOVAGOLD reported a net loss of $15.6 million in Q3 2025, an increase of $4.9 million from the prior year due to higher field expenses at Donlin Gold and increased general and administrative expenses [34] - The company's treasury decreased to $125 million at the end of Q3, primarily due to the acquisition of an additional 10% of Donlin Gold, with total consideration and transaction costs amounting to $210.1 million [35][36] Business Line Data and Key Metrics Changes - The company holds a 60% interest in Donlin Gold following the acquisition of an additional 10% at the beginning of Q3 2025, leading to increased site activity and expenses compared to the previous year [34] - Donlin Gold's budget for 2025 remains at $43 million, with NOVAGOLD's pro-rata share increasing to $24 million due to the new funding obligation [37] Market Data and Key Metrics Changes - The gold market is experiencing a historic bull market, with the potential for gold prices to reach between $3,000 and $5,000, driven by increasing demand and limited supply [12][14] Company Strategy and Development Direction - The company aims to build America's largest gold mine, with a target to begin construction in 2027 and production expected by 2031 [30][60] - NOVAGOLD is focused on advancing the bankable feasibility study and enhancing stakeholder relationships, with a commitment to environmental stewardship [42][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic asset of Donlin Gold, highlighting its high-grade deposits and the supportive regulatory environment in Alaska [42][45] - The company anticipates a steady stream of positive news as it progresses towards construction and production, with expectations of significant value creation for shareholders [30][46] Other Important Information - The drilling program at Donlin confirmed consistent mineralization across multiple zones, with grades ranging from about 4 g to 23 g per ton, indicating potential upside in the resource model [40][49] - The company has a strong institutional shareholder base, with over 60% of shares held by top investors who understand the opportunity presented by NOVAGOLD [46] Q&A Session Summary Question: Can you provide more color on how the exploration drill results compare to your resource model expectations? - Management noted that the drilling encountered mineralization in previously modeled waste areas, demonstrating the potential for further resource enhancement [49][50] Question: Are there plans to update the resource and incorporate these drill results before the bankable feasibility study? - Management confirmed that the results from this year's drill program will be incorporated into the geologic model supporting the bankable feasibility study [51] Question: Can you elaborate on the interest in royalty companies for financing the project? - Management indicated that royalty companies are likely to show interest in financing options, given the common sense approach they typically exhibit [55] Question: Have you explored using mini nuclear reactors instead of natural gas for power at Donlin? - Management stated that while they have considered various power options, natural gas remains the most viable and immediate solution for the project [56] Question: Any updates on the tailings dam permit and expected opposition? - Management provided an update that the tailings dam permit is the last remaining state permit, with expectations to receive it well before the bankable feasibility study is completed [61]

Financial Data and Key Metrics Changes - NovaGold reported a net loss of $15.6 million in Q3 2025, an increase of $4.9 million from the prior year due to higher field expenses at Donlin Gold and increased general and administrative expenses [33] - The company's treasury decreased by $193.5 million to $125.2 million at the end of Q3, primarily due to the acquisition of an additional 10% of Donlin Gold [34] Business Line Data and Key Metrics Changes - The company’s 60% interest in Donlin Gold resulted in higher expenses due to increased site activity compared to the previous year when field activities were minimal [33] - NovaGold's share of Donlin Gold's $43 million budget for 2025 increased to $24 million due to the company's incremental funding obligation starting in Q3 [35] Market Data and Key Metrics Changes - The stock price has seen a significant increase, moving from a low of around $2 earlier in the year to close to double digits, indicating a revaluation of NovaGold [5][6] Company Strategy and Development Direction - The company aims to build what will be the largest gold mine in the United States, with a target to begin construction in 2027 and production by 2030 [30] - NovaGold is focused on advancing the bankable feasibility study and has engaged top-tier firms for this purpose [30][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the gold market, highlighting the strategic importance of Donlin Gold as a high-grade, low-cost producer in a safe jurisdiction [41][42] - The company anticipates a steady stream of positive news as it progresses towards building America's largest gold mine [30] Other Important Information - The Donlin project is expected to average over 1.4 million ounces of gold production annually in its first decade, with cash costs well below industry averages [41] - The project has strong support from local communities and stakeholders, with ongoing efforts in environmental stewardship and community engagement [38][45] Q&A Session Summary Question: Can you provide more color on how the exploration drill results compare to your resource model expectations? - Management indicated that the drill results were impressive, with mineralization found in areas previously modeled as waste, demonstrating potential upside in the ore bodies [49][50] Question: Are there plans to update the resource and incorporate these drill results before the bankable feasibility study? - Yes, the results from this year's drill program will be incorporated into the geologic model supporting the bankable feasibility study [51] Question: Can you elaborate on the interest in royalty companies for financing the project? - Management noted that royalty companies are likely to show interest in financing options, given the common sense in their business model [53] Question: Have you explored using mini nuclear reactors instead of natural gas for power for Donlin? - Management stated that while they have considered all options, natural gas remains the best current power source for the project [54] Question: Any updates on the tailings dam permit? Do you expect any opposition? - The tailings dam permit is the last remaining state permit, and management anticipates receiving it well before the bankable feasibility study is completed [57]